The Reserve Bank of India is facing a fork in the road for the first time since Governor Raghuram Rajan took office amid much fanfare and started targeting inflation as the central bank’s primary mandate.

A day before the European Central Bank’s monthly meeting, service sector PMI surveys for euro zone countries will be scrutinized to see if they add to a developing trend of above-forecast economic data.

The Swiss franc leapt by an unprecedented 40 percent at one point after the Swiss National Bank scrapped its currency cap out of the blue. Oil may have bounced but it’s still down the thick end of 60 percent since mid-2014, dragging the rouble and other oil-producer currencies with it. Copper, generally a barometer of world industrial demand, is barely finding its feet after plunging this week.

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Euro zone inflation is the big figure of the day. The consensus forecast is it for hold at a paltry 0.5 percent. Germany’s rate came in as predicted at 0.8 percent on Wednesday but Spain’s was well short at -0.3 percent. So there is clearly a risk that inflation for the currency bloc as a whole falls even further.

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Indian stocks have rallied sharply over the last two months, soaring to record highs, although the bull run that began with expectations that Narendra Modi will become the country’s next Prime Minister may soon run out of road.